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Add to Preferred SourcesThe World Bank approved additional financing in the form of a $50 million International Development Association grant to Burkina Faso for the Bagre Growth Pole Project.
The additional financing will cover the cost of supplying electricity, building roads, and conducting the diagnostics (site assessment, demand survey, and master plan) for an industrial park for agricultural transformation which were not achieved under the existing credit as a result of cost overruns for the construction of irrigation canals. It will also finance a pilot project aimed at improving land tenure and continue to support activities that improve the investment climate such as effective investment promotion systems.
“This new injection of funds will allow the Government of Burkina Faso to establish the essential infrastructure and services needed to create the first successful growth pole in the country, and in turn attract more private investment to agricultural value chains in the Bagre area. A robust growth pole will boost employment and contribute to improving the lives of the surrounding population, especially smallholder farmers,” says Martin Maxwell Norman, the World Bank’s Task Team Leader for the project.
The Bagre Growth Pole Project supports activities that are in line with the current National Economic and Social Development Plan (PNDES) – especially when it comes to leveraging key sectors such as agriculture for increased job growth.
“Our support for entrepreneurship in agriculture and agro-processing and the development of value chains aims to decrease rural poverty, grow the share of manufacturing that contributes to GDP and exports, and increase the average number of productive jobs created each year,” notes Cheick Kanté, World Bank Country Manager for Burkina Faso.
With this additional financing, the closing date of the project has been extended from November 30, 2018, to November 30, 2020.
Original source: World Bank
Published on 29 March 2018